The Shiba Inu community voted to limit the supply of the BONE governance token to 250 million.
According to a recent announcement, the Shiba Inu community voted overwhelmingly in favor of shutting down the entire BONE farm after reaching 230 million tokens. The remaining 20 million tokens will be kept for validators.
About 98% of community members voted in favor of the proposal through the decentralized autonomous organization Doggy DAO. Alternatively, voters could increase the circulating supply to 270 million coins. The voting, which lasts about a week, will play a crucial role in the development of Shibarium.card.
BONE, the ecosystem’s governance token, will be used as a native gas token by the much anticipated Layer 2 scaling solution, meaning it will need to perform transactions on top of the blockchain. Verifiers are rewarded with BONE token for their validation. To keep the network up and running, it was necessary to secure the community’s 20 million tokens.
As previously reported, the beta test launch of the Shibarium Layer 2 solution is expected to take place in the third quarter of 2022. The main purpose of Shibarium is to significantly lower the Shiba Inu’s transaction fees. The lack of scalability remains one of the most pressing issues facing Ethereum, the second largest cryptocurrency’s native blockchain.
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